XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.19.1

Business Segment Reporting (Tables) | 9 Months Ended
--- | ---
Feb. 24, 2019
Segment Reporting [Abstract] |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | The Company’s international sales by geography are based on the billing address of the customer and were as follows (in millions):
| Three Months Ended |  | Nine Months Ended
| February 24, 2019 |  | February 25, 2018 |  | February 24, 2019 |  | February 25, 2018
Canada | $ | 24.1 |  |  | $ | 20.3 |  |  | $ | 64.3 |  |  | $ | 55.9 |
Belgium | $ | 9.9 |  |  | $ | 11.5 |  |  | $ | 12.4 |  |  | $ | 14.3 |
Ireland | $ | 1.4 |  |  | $ | — |  |  | $ | 3.7 |  |  | $ | 3.2 |
Denmark | $ | 0.1 |  |  | $ | — |  |  | $ | 0.3 |  |  | $ | — |
Switzerland | $ | 0.2 |  |  | $ | — |  |  | $ | 0.8 |  |  | $ | — |
Mexico | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.2 |
All Other Countries | $ | 0.1 |  |  | $ | 1.5 |  |  | $ | 1.3 |  |  | $ | 2.0 |
Schedule of Segment Reporting Information, by Segment | Operations by business segment consisted of the following (in thousands):
| Curation Foods(1) |  | Lifecore |  | Other |  | Total
Three Months Ended February 24, 2019 |  |  |  |  |  |  |
Net sales | $ | 131,984 |  |  | $ | 23,703 |  |  | $ | — |  |  | $ | 155,687 |
International sales | $ | 24,172 |  |  | $ | 12,029 |  |  | $ | — |  |  | $ | 36,201 |
Gross profit | $ | 9,641 |  |  | $ | 11,576 |  |  | $ | — |  |  | $ | 21,217 |
Net income (loss) from continuing operations | $ | (6,817 | ) |  | $ | 5,836 |  |  | $ | 2,048 |  |  | $ | 1,067 |
Depreciation and amortization | $ | 2,875 |  |  | $ | 1,028 |  |  | $ | 145 |  |  | $ | 4,048 |
Dividend income | $ | 413 |  |  | $ | — |  |  | $ | — |  |  | $ | 413 |
Interest income | $ | 26 |  |  | $ | — |  |  | $ | 8 |  |  | $ | 34 |
Interest expense, net (2) | $ | 1,164 |  |  | $ | — |  |  | $ | 607 |  |  | $ | 1,771 |
Income tax (benefit) expense | $ | (829 | ) |  | $ | 1,946 |  |  | $ | (875 | ) |  | $ | 242 |
Nine Months Ended February 24, 2019 |  |  |  |  |  |  |
Net sales | $ | 353,502 |  |  | $ | 51,765 |  |  | $ | — |  |  | $ | 405,267 |
International sales | $ | 64,732 |  |  | $ | 18,587 |  |  | $ | — |  |  | $ | 83,319 |
Gross profit | $ | 33,926 |  |  | $ | 20,221 |  |  | $ | — |  |  | $ | 54,147 |
Net income (loss) from continuing operations | $ | (5,466 | ) |  | $ | 6,586 |  |  | $ | (448 | ) |  | $ | 672 |
Depreciation and amortization | $ | 7,111 |  |  | $ | 2,982 |  |  | $ | 413 |  |  | $ | 10,506 |
Dividend income | $ | 1,238 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,238 |
Interest income | $ | 87 |  |  | $ | — |  |  | $ | 26 |  |  | $ | 113 |
Interest expense, net (2) | $ | 2,027 |  |  | $ | — |  |  | $ | 1,248 |  |  | $ | 3,275 |
Income tax (benefit) expense | $ | (217 | ) |  | $ | 2,196 |  |  | $ | (1,395 | ) |  | $ | 584 |
Three Months Ended February 25, 2018 |  |  |  |  |  |  |  |
Net sales | $ | 121,950 |  |  | $ | 22,959 |  |  | $ | — |  |  | $ | 144,909 |
International sales | $ | 20,336 |  |  | $ | 13,156 |  |  | $ | — |  |  | $ | 33,492 |
Gross profit | $ | 8,197 |  |  | $ | 11,609 |  |  | $ | — |  |  | $ | 19,806 |
Net income (loss) from continuing operations | $ | (2,801 | ) |  | $ | 6,175 |  |  | $ | 12,907 |  |  | $ | 16,281 |
Depreciation and amortization | $ | 2,120 |  |  | $ | 940 |  |  | $ | 82 |  |  | $ | 3,142 |
Dividend income | $ | 413 |  |  | $ | — |  |  | $ | — |  |  | $ | 413 |
Interest income | $ | 32 |  |  | $ | — |  |  | $ | 55 |  |  | $ | 87 |
Interest expense, net | $ | — |  |  | $ | — |  |  | $ | 531 |  |  | $ | 531 |
Income tax (benefit) expense | $ | (609 | ) |  | $ | 1,763 |  |  | $ | (13,981 | ) |  | $ | (12,827 | )
Nine Months Ended February 25, 2018 |  |  |  |  |  |  |  |
Net sales | $ | 333,915 |  |  | $ | 49,236 |  |  | $ | — |  |  | $ | 383,151 |
International sales | $ | 56,259 |  |  | $ | 19,330 |  |  | $ | — |  |  | $ | 75,589 |
Gross profit | $ | 33,181 |  |  | $ | 20,348 |  |  | $ | — |  |  | $ | 53,529 |
Net income from continuing operations | $ | 365 |  |  | $ | 7,280 |  |  | $ | 11,405 |  |  | $ | 19,050 |
Depreciation and amortization | $ | 6,050 |  |  | $ | 2,715 |  |  | $ | 311 |  |  | $ | 9,076 |
Dividend income | $ | 1,238 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,238 |
Interest income | $ | 60 |  |  | $ | — |  |  | $ | 100 |  |  | $ | 160 |
Interest expense, net | $ | — |  |  | $ | — |  |  | $ | 1,415 |  |  | $ | 1,415 |
Income tax (benefit) expense | $ | 393 |  |  | $ | 2,110 |  |  | $ | (13,855 | ) |  | $ | (11,352 | )
(1) | During the third quarter of fiscal 2019, the Company started consolidating Yucatan Foods whose results are included in the Company's operating results starting from December 1, 2018. See Note 2 - Acquisition for more details of this transaction.
(2) | Beginning in first quarter of fiscal 2019, the Company began allocating interest expense to its reportable segments in information provided to its CODM to enhance visibility into how financing activities impact the discrete financial results.

X
- Definition Tabular disclosure of the names of foreign countries from which revenue is material and the amount of revenue from external customers attributed to those countries. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=115205541&loc=SL114868664-224227 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 + Details
Name: | us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration